The first ever Innovation Challenge was launched recently to encourage development of solutions for a range of issues across several sectors.
More than 50 locals are participating in the challenge organised by the Brunei Innovation Lab (BIL), launched on August 22.
The participants are competing over a five week period for a prize pool of BND20,000 for the top three solutions, with a proof-of-concept fund of up to BND110,000 set aside for prototype development and commercialisation.
Participants are seeking solutions for 25 problem statements across six thematic areas identified by major organisations: industry digitalisation; smart nation; sustainability and food security; green energy; fintech; and education.
The problem statements come from six challenge sponsors: The Department of Agriculture and Agrifood; Brunei Shell Petroleum Company Sdn Bhd; Brunei LNG Sdn Bhd; Darussalam Enterprise (DARe); Datastream Digital Sdn Bhd (DST); and Mandai Global.
“By addressing real-world challenges and converting ideas into action, we spark innovative solutions that will accelerate technological growth throughout the ecosystem,” said BIL’s Chairman Haji Mohammad Amirul Shahnoel bin Haji Mohammad Noeh during the launch ceremony.
The challenge culminates in a demo day where top solutions will be pitched, evaluated and recognised.
Individuals or teams will then be integrated into the Innovate Accelerator programme, and provided with sustained development support over a three to six-months period.
“The Innovate Accelerator programme is methodically designed to provide structured guidance for startups to evolve into viable business entities.
“With industry and challenge sponsor backing, we hope to see these concepts become market-ready products,” added the chairman.
Meanwhile, BIL’s General Manager Freddie Ting noted that the ability to adapt and innovate is key in today’s rapidly evolving world.
“The Innovation Challenge aims to harness the collective brilliance of technopreneurs and problem solvers to address challenges that impact our industries.
“This event not only supports the growth of technopreneurs but also promotes the application of innovation and technology in practical scenarios,” he said. – Lyna Mohamad
